The Grenada gazette. (Grenada, Miss.) 1885-18??, 1887-08-20

was burned or otherwise destroyed at
the Chicago fire in the hands of private
parties no one knows or can ever
know. but the sum total must have
been very large"
80 1t Is all over the country" con.
tinued Mr.. Whelpley. losses and
destruction of paper money occur
daily, nay hourly, If you please, and
we have no means of ascertaining to
what amount Mutilated currency
continues to he presented for redemp-
tion. and when burned or defaced bills
are in a condition to be identified b.
yond cavil and dispute. new bills are
issued in lieu We know at the Treas.
ury in general way that very large
amount OF our paper circulating me-
dunn has been lost to the volume Of
the currency through destruction and
other incidents and accidents, but be.
yond that we dare not venture on the
way Of estimating the amount OF
course. we figure the percentages o.
notes outstanding on the amount origi.
nally issued. and these percentages
vary according TO the various denomi.
nations of the notes. We must act
upon the principle that all the out.
standing currency is liable to come in
for redemption and replacement, not.
withstanding whatever may be the per-
centage of absolute loss"
Mr.. Whelplcy accounts for the NIL
tilated condition Of currency in
the Western and Southern States by
the fact that the banks are indls.
posed to incur the expense of send.
ing them forward for redemption.
Again, money is so actively employed.
time is great desideratum, and the
notes, worn as they are, are needed for
immediate use in all business transac-
tons. As evidence Of this. large
amount of notes of small denomina-
lions were sent to Alabama, Georgia,
and other Southern points, some
months since, but the development OF
business enterprises in that section has
been so great in the meantime that this
money, which usually floats back
within a given period, is still in active
circulation and has not come in.
Necessarily, by constant handling.
these notes have suffered mutilation.
but still pass current.
Mr.. Whelpley states that the labor.
ing population of the South, mainly
represented by colored people, prefer
silver dollars and hoard them extern.
sively. The disposition to hoard silver
is manifest in all farming and indus.
trial communities, and operates natur-
ally to temporarily withdraw these
pieces from active circulation. Upon
reply to the question whether gold and
silver coins are used as extensively in
the arts as formerly, he said:
lido not think gold and silver coins
are used 10 as great extent as hereto
fore, but the precious metals are, in
my opinion, more extensively ON.
ployed in the arts than ever. 1t is not
necessary now to procure coins to be
melted for such uses, because gold and
silver bullion. assay stamped, can be
obtained. People who shipped coin
heretofore now ship bullion, which is
more easily and economically ham
died. The increase in wealth on the
part of the masses augments the de-
mand for the manufactures Of the
precious metals. characterization con-
sumes an immense amount Of gold
leaf, and the great extent to which
rolled gold and gold-plated jewelry is
manufactured evidence a great market
demand. The white plated goods are
largely used. but 1t must DO remenl-
bered that, as in the case Of gold used
to make gold-plated jewelry. silver is
largely employed in its manufacture.
There are more silver spoons made
and sold now than ever. Hardly a
poor person is without them. Silver
service nowadays is common rather
than exclusive, Washington Cor. Chi
cago Herald